Fraud SCAMS AND SHAMS WHAT A RACKET LIFE IN THE CHEAT-SUITE


More fraud in the corner office A FORMER EXECUTIVE of the South Korean Daewoo Shipbuilding & Marine Engineering Co. was sent to jail for six years for accounting fraud and other charges. Nam Sang-tae, 67, was charged in January 2017 with incurring some US$12 million in losses for the shipyard that he headed from 2006 to 2012 by purchasing a major stake in a heavy industry firm at a value three times higher than market price. In 2006, Daewoo founder Kim Woo-choong was sentenced to 10 years for fraud. — PC


UNSPORTSMANLIKE CONDUCT An old pair of sneakers Tennis ace courts fraud charges


AS RUSSIA’S WINTER OLYMPIANS DEAL WITH THEIR WOES, one of their warm- weather colleagues is facing more of her own. Tennis star Maria Sharapova, who in 2016 made US$29.1 million, rented her image to a New Delhi, India, developer that allegedly accepted tens of millions from investors without ever producing a building. She flew to India in 2013 to launch the project; the investigation into the alleged fraud was launched in November 2017. Sharapova recently returned to the sport aſter a 15-month doping ban. — Peter Carter


FOOLS FOR LOVE Valentine’s Day scams


ACCORDING TO THE FBI, losses from online romance scams totalled more than US$86 million in 2014. And nefarious scammers up their game on February 14 to exploit the lonely hearted. So make this Valentine’s Day resolution now: just say no to emails from secret admirers; emails telling you there’s an undelivered package waiting for you; unexpected delivery people who won’t reveal who sent them; and finally, anybody you meet online that day who wants to strike up a relationship. — PC


46 | CPA MAGAZINE | FEBRUARY/MARCH 2018 GETTING FISHED IN


Ottawa teems with fake foul fish HERE’S A FACT you will remember: an investigation into seafood mislabelling in Ottawa showed that a fish called escolar has been “passing” as tuna. Escolar — for good reason — is also called “laxative of the sea.” That’s just one of the many perils of food fraud, a huge issue worldwide. A recent study by conservation group Oceana Canada in Ottawa revealed 45 out of 98 samples from local restaurants and grocers were mislabelled. — PC


FORMER NBA PLAYER Kermit Washington, 66, teamed up with retired pro football star Ronald Jack Mix, 78, to raise money for an African charity but used hundreds of thousands of the proceeds for their own benefit. The pair pleaded guilty to a variety of fraud-related charges in Kansas City in December and have yet to be sentenced. In 2015, Washington was also implicated in one of the largest soſtware piracy schemes ever prosecuted by the US Department of Justice. — PC


VisualChina/Getty


Riou/DigitalVision/Getty


TKTKTKTKTK/ Getty Images


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64